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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of November 11, 2011 No. 712

About approval of the Regulations on temporary administration on management of the insurance (reinsurance) organizations

(as amended on 16-09-2019)

According to the Law of the Kyrgyz Republic "About the organization of insurance in the Kyrgyz Republic", for the purpose of providing necessary measures for improvement and improvement of financial position of insurance companies in cases of establishment of the facts of violations in their activities the Government of the Kyrgyz Republic decides:

1. Approve the enclosed Regulations on temporary administration on management of the insurance (reinsurance) organizations.

2. This resolution becomes effective after 15 days from the date of official publication.

First vice-Prime Minister, acting as Prime Minister

O. Babanov

Approved by the Order of the Government of the Kyrgyz Republic of November 11, 2011 No. 712

Regulations on temporary administration on management of the insurance (reinsurance) organizations

This Regulations on temporary administration on management of the insurance (reinsurance) organizations are developed according to the Law of the Kyrgyz Republic "About the organization of insurance in the Kyrgyz Republic" and determine procedure for appointment of management as authorized state body by insurance supervision of the Kyrgyz Republic (further authorized body) temporary administration of the insurance (reinsurance) organization (further the organization), implementation and the termination of activities of temporary administration.

1. General provisions

1. The basic concepts used in this Provision:

1) temporary administration (the temporary administrator) - the body appointed by authorized body for ensuring safety of property and implementation of actions for ensuring management of the organization;

2) the head of temporary administration - person designated by authorized body from among his workers, or persons who are not his workers;

3) members of temporary administration - persons designated by authorized body for implementation of temporary administration of the organization;

4) the act of counteraction - the document which is constituted upon counteraction of governing bodies and/or certain official persons / employees of the organization, or other third parties to implementation of temporary administration of the organization.

2. Purpose of appointment of temporary administration.

The temporary administration is appointed by authorized body for temporary management of the organization for the purpose of ensuring safety of the capital and assets of the organization, detailed assessment of its financial condition and the use of adequate measures concerning reduction of its activities in compliance with the legislation of the Kyrgyz Republic, renewal of its solvency and liquidity, stabilization of organization activity, elimination of the found violations, the reasons and conditions which led to deterioration in financial condition.

During work of temporary administration the insurance company performs all actions provided by licenses, except for suspended by authorized body and cancelled according to the legislation of the Kyrgyz Republic.

3. Tasks which are assigned to temporary administration.

From the date of the appointment the temporary administration shall provide preserving assets and documentation of the organization, for fixed term to make inventory count of assets, obligations, reserves of the organization, to estimate its financial condition, to determine possibility of stabilization of its activities, and also possibility of reduction of organization activity in compliance with the legislation of the Kyrgyz Republic. After complete assessment of financial condition of the organization, the temporary administration depending on specific situation that it developed in the organization, takes measures for organization activity stabilization, in particular, to creation of efficient management, performing financial improvement of the organization at the expense of means of participants (shareholders), investors, sale, reorganization of the organization, or makes the decision on impossibility of goal achievement of appointment of temporary administration.

2. Procedure for appointment of temporary administration

4. The temporary administration can be appointed in the following cases:

1) establishment of the facts of the violations in organization activity connected with inability of management of the organization to ensure functioning according to the legislation of the Kyrgyz Republic in insurance field and in the sphere of counteraction to financing of terrorist activities and to legalization (washing) of the criminal income;

2) not elimination at the scheduled time of the circumstances which formed the basis for suspension of action of the license;

3) numerous (two and more times within the last twelve months) suspension of action of the license or numerous (two and more times within the last twelve months) failure to carry out of the written warning of elimination of violations of the law of the Kyrgyz Republic;

4) approach of insolvency of the insurance (reinsurance) organization;

5) emergence of disagreements between governing bodies of the organization, disorganizing its work if it entailed violation of the third party rights;

6) initiation of legal proceedings concerning leading and officials or the beginning of criminal investigation in their relation on the facts of crimes in the sphere of economy and connected with organization activity.

5. The temporary administration is appointed by the decision of authorized body as necessary measure for improvement and improvement of financial position of the organization in cases of establishment of the facts of violations in its activities.

6. The temporary administration starts accomplishment of the obligations immediately, after decision making about its appointment, and is headed by the head appointed by authorized body.

Copies of decisions of authorized body on appointment of temporary administration are handed by temporary administration to management of the organization under list. In case of impossibility of delivery of decisions under list, the temporary administration draws up the relevant statement and notifies authorized body.

The temporary administration is entered for the term of no more than six months from the date of its appointment.

7. In the decision of authorized body on appointment of temporary administration are specified:

1) name of the organization;

2) bases and purposes of introduction of temporary administration;

3) date and number of the decision of authorized body;

4) effective period of temporary administration;

5) First name, middle initial, last name the head and members of temporary administration, with indication of their positions.

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